How do I set up a loan for which I am the lender? (Q Mac)

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GSA
GSA Member ✭✭

Hi, I just got Quicken Classic Business and Personal for Mac. I am a personal lender on various projects, and need to know how do I set up loans for which I am the lender on the Mac software? The only answer I found was for the Windows version, and it didn't apply to the Mac version.
Thanks

Best Answer

  • Quicken David
    Quicken David Member, Employee, Mac Beta Beta
    Answer ✓
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    @GSA this feature has been added in Quicken Classic for Mac (Premier & Business and Personal) in version 7.8.0. To add a loan account for which you are the lender, add a new account, choose Offline Account, then choose Lending Loan.

Answers

  • Quicken Anja
    Quicken Anja Moderator mod
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    Hello @GSA,

    Unfortunately, Quicken for Mac does not currently have this feature available. Therefore, I'd like to refer you to this active Idea post regarding this topic instead which is currently marked as Planned. If you would like to be notified of updates on this feature as they become available, you can go ahead and bookmark the thread by clicking the bookmark icon on the top-right corner.

    Our Development and Product teams frequently use our idea posts in order to improve Quicken and implement new features requested by customers. 

    I hope this helps!

    -Quicken Anja
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  • GSA
    GSA Member ✭✭
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    Thanks Anja!

  • Quicken Anja
    Quicken Anja Moderator mod
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    You’re welcome!

    -Quicken Anja
    Make sure to sign up for the email digest to see a round up of your top posts.

  • Quicken David
    Quicken David Member, Employee, Mac Beta Beta
    Answer ✓
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    @GSA this feature has been added in Quicken Classic for Mac (Premier & Business and Personal) in version 7.8.0. To add a loan account for which you are the lender, add a new account, choose Offline Account, then choose Lending Loan.

  • PSGComm
    PSGComm Member
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    I see and like the new Loan as Lender option however I do not see how to create an Interest Only loan as lender.

    Thanks,

    Peter

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    As a Quicken for Windows user I don't know about how this was implemented in Quicken for Mac.

    However, in Quicken for Windows I was able to create a regular (not Lender) Loan with Interest Only payments and a balloon payment at the end.
    The trick was to set up a $10,000.00 loan with the regular, e.g., 10 year duration, monthly payments, 5% interest, etc. Once the loan was calculated, I went back one panel to edit the Monthly Payment from $106.07 to be only the total amount of interest due on the first payment, $41.67 with $0.00 for principal reduction.
    Here's what that looks like in Q Windows:

    So now I have a scheduled reminder for the next 10 years, with splits for $0.00 principal, $41.67 Interest every month and a $10,000 balloon payment at the end.

    Hope you can do something similar in Q Mac.
    Please let me know how that works for you.

  • PSGComm
    PSGComm Member
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    Hello,

    I was able to set this up in Windows but was curious about the new loan as lender feature just released in the Mac version. It was one of the things that kept me from using it. I can set up an amortized loan in the Mac version but not interest only.

    Thanks!

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Well, while in Q Mac, can you set up a regular loan as Interest Only? Is it only the Lender Loan feature where Interest Only can't be made to work?

    It's a new feature. Shake the Mac tree and see what falls out. 😉

    And it would be nice of some other Q Mac users or somebody from Quicken would chime in here and confirm, deny or explain how to make it work …